New Providence Acquisition III entered into two unsecured, zero-interest convertible promissory notes totaling up to $1.5 million with its co-CEOs, Gary Smith and Alexander Coleman, to fund working capital. Each note provides up to $750,000 and matures upon the earlier of the company completing an initial business combination or its liquidation. At the lenders’ option, amounts outstanding convert into units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-third of a warrant, with whole warrants exercisable at $11.50. The conversion units are identical to the IPO private placement units and include registration rights, enhancing the company’s flexibility as it advances toward a business combination.
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